All ▸ Bar 2024 ▸ COMMERCIAL AND TAXATION LAWS ▸ XIII. TAXATION LAW (R.A. No. 8424, as amended by R.A. No. 10963, R.A. No. 11534) ▸ G. Income Taxation ▸ 4. Gross Income ▸ d. Deductions from Gross Income - Sections 34 and 36 ▸ ii. Optional Standard Deduction

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Deductions from Gross Income: Optional Standard Deduction

Ella is a self-employed businesswoman who operates a bakery in the Philippines. She wants to maximize her tax deductions for the year. Considering the provisions under Sections 34 and 36 of the Philippine Tax Code, specifically focusing on the topic of Optional Standard Deduction, answer the following question:

Question: Can Ella opt to use the Optional Standard Deduction in computing her taxable income? Explain the conditions and limitations for availing the Optional Standard Deduction. Discuss its implications on Ella's tax liability for the tax year. (5 points)

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